Vietnam morning news for November 1

Vietnam morning news for November 1

Vietnam morning newsMinistry of Finance seeks to cut 117 business regulations
Vietnam’s Ministry of Finance has submitted a draft decree to the government proposing to abolish and simplify a total of 117 business regulations under its jurisdiction.
— Nhan Dan Online

Vietnam’s increasing foreign debts a cause for worry
Vietnam’s rising foreign debt in recent years is affecting its credibility and making borrowing harder, officials and economists warn.
— VnExpress

More tax and customs reforms urged
The Ministry of Finance was urged to make greater efforts in tax and customs reforms which would help enhance competitiveness for enterprises in the context of rapid integration, attendees heard at a workshop on Tuesday.
— Bizhub

VietJet aims for young fleet to keep fuel, maintenance costs low – CEO
Fast-growing budget carrier Vietjet Aviation JSC plans to maintain an average fleet age of just three years to keep fuel and maintenance costs low and its planes fresh for customers, its chief executive said on Wednesday.
— Reuters

Vietnam’s retail sales, service revenues rise 11.4 pct in 10 months
Vietnam’s total goods retail sales and consumer service revenues in the first 10 months of this year increased 11.4 percent on-year to nearly 3,613 trillion Vietnamese dong (roughly 157.1 billion U.S. dollars), according to its General Statistics Office on Wednesday.
— Xinhua

Vietjet’s profits up 33% in first three quarters of 2018
The low-cost carrier Vietjet has reported post-tax profits of VND3.681 trillion (US$152 million) in the first three quarters of 2018, up 33% against the same period last year.
— Nhan Dan Online

Vietnam’s auto import declines 4 pct in 10 months
Vietnam imported completely-built automobiles and components for assembly totaling over 4.1 billion U.S. dollars in the first 10 months of this year, seeing a year-on-year decrease of 4 percent.
— Xinhua

Vietnam cyber law will guard against fake news, terrorism: security ministry
A Vietnamese cybersecurity law that global technology companies and rights groups have warned could undermine development and stifle innovation, will protect the country from increasing cyber threats, the security ministry has said.
— Reuters

Auto support industry needs to take development initiative
The domestic automobile parts industry has failed to reach the set target despite support from the Government, said Nguyen Thi Tue Anh, deputy director of the Central Institute for Economic Management (CIEM).
— Bizhub

Vinamilk sees net profit down 7% in 9 months
During the January – September period, the dairy firm’s net revenue from sales of goods and provision of services reached VND39.55 trillion (US$1.69 billion), up 2% year-on-year.
— The Hanoi Times

Bitcoin mining machine imports raise controversy
The Ministry of Finance proposed banning the import of cryptocurrency mining machines, but the Ministry of Industry and Trade has voiced its objection, noting that a ban would be inappropriate and could contradict other regulations, Thanh Nien newspaper reported.
— VietNamNet Bridge

Two economic hubs post VND480 trillion in State budget collection
Hanoi and Ho Chi Minh City reported a total State budget collection of over VND480 trillion (US$20.64 billion) in the January-October period, equivalent to 80% of the year’s estimate.
— Nhan Dan Online

Vietnam c.bank pumps US$740 million to stabilize forex market last week
The State Bank of Vietnam (SBV)’s sale of USD has impacted the Vietnamese dong (VND)’s liquidity in the market, which could become more severe as demand for liquidity is growing in the remaining months of 2018.
— The Hanoi Times

Vietnamese fishing vessel detained in Rompin
The Malaysian Maritime Enforcement Agency (MMEA) detained a Vietnamese fishing vessel for illegal fishing some 28 nautical miles off Pulau Tioman with their catch weighing some 12 tonnes yesterday.
— New Straits Times

Vietnam mobile gaming growth underlines great ad promise
A large demographic, including mothers and the middle-aged, are into mobile gaming in Vietnam, promising great advertising potential.
— VnExpress

Vinamilk reports higher revenue, lower profit in Q3
The Vietnam Dairy Products Joint Stock Company (Vinamilk) has reported its Q3 combined revenue rose 3.3 per cent year-on-year to VNÐ13.73 trillion (US$610.2 million).
— Viet Nam News

Profits down at Vietnam’s largest brewer
Beer maker Sabeco has reported after tax profits of $149 million in Jan-Sept 2018, down 6 percent year-on-year.
— VnExpress

Vietnam’s online tourism reaches out to region
The M&A deals made recently among online tourism firms are the first steps taken by Vietnamese firms to conquer the regional market, analysts say.
— VietNamNet Bridge

Vietnam should be Samsung’s biggest global strategic hub: PM
Samsung’s success reflects a strong relation between South Korea and Vietnam.
— The Hanoi Times

Noi Bai Airport to raise capacity
The Ministry of Transport was assigned to draw up an expansion plan in order to raise the annual capacity of Noi Bai International Airport to between 80 and 100 million passengers by 2050.
— Bizhub

Goal of 1 million enterprises faces challenges
Many National Assembly deputies shared the view that the Government should take more drastic measures so as to achieve the goal of 1 million enterprises by 2020, noting the under-expectation results of Resolution 35/2016/NQ-CP on developing enterprises to 2020.
— VietnamPlus

IFC to support distressed companies in Vietnam
IFC’s investment in Altus Capital will enable the company to set up a regional facility to invest in the Philippines, Thailand, Indonesia, and Vietnam, the latter two being nascent markets for distressed asset recovery.
— The Hanoi Times

Juwi signs contract for third project in Vietnam
German renewables developer Juwi has signed a contract to provide EPC services for a 50 MW project located near to the coast in central Vietnam’s Binh Dinh province. This project brings Juwi’s pipeline in the Southeast Asian country to 130 MW.
— PV Magazine

Could Vietnam become a casualty of the US-China trade war?
AS the US-China trade war hots up, and economists warn of shrinking GDP growth and disrupted supply chains, there are some markets that are reaping the benefits of the face-off.
— Asian Correspondent

What Happens if Solar Imports from Vietnam and Thailand Cross the 3% Threshold?
Since the implementation of safeguard duty, there has been a rising concern regarding its levy among importers of solar modules and cells from countries like Vietnam and Thailand because these were not included in the final findings of the Directorate General for Trade Remedies (DGTR).
— Mercom India

Hard to set-up a university in Vietnam? Acquire existing one is much easier
An extraordinary general body meeting of the Hoa Sen University was called last Tuesday to discuss the implications of Nguyen Hoang Corporation – a private education group of Vietnam acquiring a large stake in it.
— Vietnam Insider

Foreign fashion giants set footprint in Vietnam through M&A
Vietnamese fashion market has allured many foreign brands and some of which have decided to acquire local clothing companies to enable them enter the potential market as soon as possible.
— The Hanoi Times

Vietnam faces high risk of Chinese products bearing made-in-Vietnam labels
Vietnam may face United States tariffs on its products if Chinese goods shipments are allowed to enter the country to disguise their origin due to the ongoing U.S.-China trade conflict, economic experts warned at a seminar today, October 24.
— VietNamNet Bridge

Top brands to take part in textile expos
Technologies, equipment, products, and services used in the textile and garment industry will be displayed at the Vietnam International Textile and Garment Industry Exhibition and the Vietnam International Textile and Apparel Accessories Exhibition to be held in HCM City from November 21 to 24.
— VietnamPlus

NAMA project supports climate change response in Vietnam
A workshop was held in Hanoi on October 30 to review the project “Creation of an overarching framework for Nationally Appropriate Mitigation Actions (NAMAs) and measuring, reporting, and verification in Vietnam”.
— Nhan Dan Online

Vietnam calls for social network ethics code
The Government has urged the Ministry of Information and Communications to build a code of ethics on social networks for internet service providers and users to create a healthy networking atmosphere in the country.
— The Jakarta Post

 

Feature photo Vietnam Electricity Corporation

This week’s Vietnam morning news feature photo acknowledges World Cities Day, October 31.

 

Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

 

Vietnam morning news by AEC News Today is your one stop source for Vietnam news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies, not politics.

 

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Sreypov Men recently completed a course of study in International Relations at the Institute of Foreign Languages.

She commenced as an intern at AEC News Today and was appointed as a junior writer/ trainee journalist on April 2, 2018

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